‘CAs should be part of financial cleaning system’

Source: The Hitavada      Date: 23 Apr 2017 09:30:36


Business Bureau,

“MONEY laundering is cleaning of dirty money and not black money,” said Sanjay Bangartale, Deputy Director, Enforcement Directorate, Nagpur. He was talking at the seminar on ‘Prevention of Money Laundering Act (PMLA), 2012 and Benami Transactions (Prohibition) Amendment Act, 2016’ organised by the Nagpur Branch of Institute of Chartered Accountants of India (ICAI) on Saturday.


Bangartale said, “Money laundering is basically conversion of money earned through crimes, smuggling and illegal money as legal money. The activity is serious in nature than accumulation of black money.” He had elaborated about the role of Enforcement Directorate (ED). “The ED can confiscate wealth or money of launderer and also propose imprisonment of convict and partners. Operations through shell companies were recent targets in this regard. ED considers every person as criminal who gets involved in money laundering,” he said.


He urged all the chartered accountants (CAs) to become part of financial cleaning system and requested to take his help for this purpose.


Chairman of the Branch CA Sandeep Jotwani welcomed the chief guest, speakers of technical session. He explained the motto behind arranging this seminar. He said, “There is ample scope for the CA fraternity to practice in this Act, as they can represent the clients on various stages. Also, chartered accountants can join the department in their cleaning exercise,” he added.


In the technical session speaker CA Kailash Jogani, elaborated about the provisions of PMLA. He has dealt with the provisions of PMLA with illustrative examples. He discussed about schedule of offences. He said the PMLA, has been extended to whole of India including Jammu and Kashmir.


Eminent Advocate Shyam Dewani spoke on Benami Transactions (Prohibition) Amendment Act, 2016. He gave various examples explaining the provisions of the Act and has also cited various judicial pronouncements on this subject.


The inaugural session was conducted by immediate past Chairman CA Swapnil Ghate and the technical session was coordinated by Vice Chairman CA Umang Agrawal. Secretary CA Suren Duragkar proposed formal vote of thanks.
Present were Treasurer CA Kirit Kalyani, executive member CA Sanjay Agrawal, Member of PR and CSR Committee of ICAI CA Julfesh Shah, CA Vinod Hassani, CA Naresh Jakhotia, CA Prem Ashutosh, CA R D Parakh, CA Deepak Arora and others.